Given current circumstances, Cyprus has the opportunity to transform the land development and construction sector from a traditional sector of economic activity into a lever of sustainable and technologically advanced development, Interior Minister Constantinos Ioannou has said.
He was speaking during a discussion with young entrepreneurs, entitled 'Gen Z & Millennial Project – The new generation of business leaders roundtable discussion,' organised by IMH as part of its Genz Z & Millennial Project.
The business scene in Cyprus is experiencing significant changes, as the new generation is already at the helm , which is expected to play a leading role and largely determine developments in the Cypriot business scene over the next twenty years at least.
This is essentially the new generation of family businesses in Cyprus, but also a dynamic group of self-created Gen Z and Millennial entrepreneurs who started without ready-made structures, a pre-existing brand and a given network and managed to create their own businesses.
The Interior Minister said that the land development and construction sector is not limited to construction activity, but affects the quality of life, the competitiveness of the economy, the attraction of investments, the creation of jobs and, ultimately, the shaping of our cities and communities.
He stated that Cyprus is being called upon to redefine the land and construction development model, in a way that serves both current construction activity and the needs of future generations, while utilising the tools offered by technology, in order to create a flexible, innovative, transparent and citizen- and business-friendly environment.
The Minister said that the cities of the next decade should be "smarter", greener, more functional and more humane, and this requires development with respect for the natural environment, strengthening public infrastructure, energy-efficient buildings, revitalisation of urban centers and balanced development between urban and rural areas.
Ioannou, furthermore, said that urban planning policy of the future cannot be limited to issuing permits, but must function as a tool for strategic planning and sustainable development.
He referred to the targeted reforms adopted by the government with the aim of simplifying and digitising the development licensing sector and, by extension, accelerating procedures and reducing bureaucracy.
Ioannou said that we already have measurable results as almost 2,400 applications for developments of up to two residences can be completed within 40 working days, while more than 850 applications for buildings of up to 20 apartments can be examined within 80 working days.
The Minister also referred to the significant changes being promoted in the Land Department, with the aim of simplifying procedures, enhancing transparency and improving service to citizens and professionals.
In addition, he spoke about the Urban Incentive Schemes and Build to Rent, in collaboration with land development professionals.
He said that the incentives given have results, since more than 2,500 homes are expected to be built in the next two years, of which approximately 400 will be made available as affordable homes.
Additionally, an amount exceeding €12.5 million will be channeled to the Special Affordable Housing Fund for the implementation of its housing programs and the increase in the supply of affordable housing.
The Minister also noted that Cyprus' geographical location, its institutional framework, its participation in the European Union, the high level of professional services and the quality of life create opportunities for further development.
He also referred to the role of the new generation of entrepreneurs, saying that the government wants to create the conditions so that the new generation of entrepreneurs can innovate, invest and create in an environment of stability and perspective.
Ioannou also said that Cyprus today has the opportunity to shape a new development model, more sustainable, better organised, more technologically advanced, more citizen-friendly and more internationally competitive, but cooperation is required between the state, local government, professional bodies, investors, businesses and a new generation of professionals.
He also said that vision and commitment to promoting policies that modernise the state, improve the competitiveness of the economy and create better prospects for future generations are required. In conclusion, he expressed the certainty that the new generation of entrepreneurs in Cyprus can be a key protagonist in this effort.
On their part, the new generation of entrepreneurs in the fields of land development and construction presented to the Minister of the Interior their concerns and concerns on a series of issues related to the sectors that fall under Ioannou's responsibilities and submitted proposals for their resolution.
The discussion took place within the framework of the Gen Z & Millennial Project, an IMH initiative with the support of the European University of Cyprus, the Bank of Cyprus, PwC and Cablenet, with Toyota as mobility partner, with the support of the European Commission Representation in Cyprus, and IMR as a supporter.
